When you go on a listing appointment for a unique luxury property that’s not located in a cookie-cutter neighborhood, never talk price.
The old way to go on a listing appointment meant bringing along your CMA, but I don’t recommend doing this because you haven’t even walked through the home yet. I always tell sellers that if they’re interviewing an agent who comes to their listing appointment with a CMA, they probably won’t be able to evaluate and price their home for that very reason.
Ideally, your goal for that first listing appointment should be to walk through the home and get a sense of its updates, floor plan, etc., so you can get back to the seller afterward with your suggested market price.
The new way of doing things, and one that we recommend, is to bring along a “market analysis report” (we also refer to it as a “luxury snapshot”) to the listing appointment instead of a CMA. This market analysis report (or MAR) details comparable luxury homes that are also on the market.
“You’ll turn off many luxury sellers if you come to a listing appointment prepared with a price without even having walked through the home first.”
If you’re going on a listing appointment for a luxury listing that is located in a cookie-cutter neighborhood where there are a lot of similar comps, go ahead and bring a CMA. Otherwise, you’ll turn off many luxury sellers if you come to a listing appointment prepared with a price without even having walked through the home first.
So remember, differentiate yourself from the competition and let sellers know that if they talk to an agent who comes to their listing appointment with a CMA, they should show them the door. It’s also important that you know your numbers–we define “luxury price” as any price that’s 3x higher than the average sale price.
As always, if you have any questions about this topic or there’s anything I can assist you with, don’t hesitate to call or email me anytime. I’d be happy to help you.
Founder & CEO | Luxury Listing Specialist Designation (LUXE)
to see where Michael is speaking next or where his next LUXE class will be.